What is blockchain?
Blockchain is like an open distributed ledger which records the transaction between two parties efficiently and in a verifiable and permanent way. Blockchain was first conceptualize by anonymous person or group known as Satoshi Nakamoto. Invention of blockchain was totally inspired by Bitcoin. It was implemented in 2009 by Satoshi Nakamoto. as a core component Bitcoin where it serve as the public ledger for all transactions.
In the system of Bitcoin when two distinct sets try to govern the system then blockchain splits into two separate chains which is commonly known as Hard forks.
Bitcoin blockchain is protected by the massive group mining effort.
Interesting Facts :
(1) IBM partnered with ASCAP and PRS for music to adopt blockchain Technology in music industry.
(2) Visa payment systems master Card, union pay and Swift are planning to use blockchain Technology.
(3) World economic forum has predicted that 10% of global GDP would be stored on blockchain technology by the year 2025.
(4) The Government of India is fighting land fraud which was executed with the help of blockchain .
(5) bitcoin ATM has been installed in some offices in Switzerland.
(6) Many banks are researching on blockchain technology to use in financial services to reduce cost and increase efficiency.
(6) Many banks are researching on blockchain technology to use in financial services to reduce cost and increase efficiency.
How it works :
Author : Satyam kirti
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